Academy News

Read about recent health care reform activities in the latest edition of HealthCheck. (April 25, 2012)

Nominations for three different Academy awards are open. The Jarvis Farley Service Award is given to an Academy member who has made an extraordinary contribution to the profession through long-time service as an Academy volunteer. The Robert J. Myers Public Service Award recognizes extraordinary contribution to the public good through service to the government or in the public sphere. And, initiated last year, are the annual Awards for Outstanding Volunteerism to honor Academy volunteers who have made a single, noteworthy contribution above and beyond what is reasonably expected. (April 20, 2012)

The Health Practice Council and the Committee on Qualifications sent a letter to all state insurance commissioners and chairs of each state house and senate insurance committee regarding the appropriate definition of "Qualified Actuary" as it relates to the Affordable Care Act's rate review provision. Under the Affordable Care Act, the Centers for Medicare and Medicaid Services (CMS) is authorized to determine whether health insurance rate increases filed with states are “unreasonable.” As of September 1, 2011 rate increases equal to or greater than 10 percent may be reviewed by states that have been determined by CMS to have an effective rate review program; otherwise, increases in excess of 10 percent will be reviewed by CMS to determine whether such rate increases are “unreasonable.” As a result, many states are in the process of drafting regulatory language that would create their own rate review program. In the past few months, an inconsistency in the definition of “qualified actuary” in some state regulations has come to the attention of the American Academy of Actuaries. The letter provides recommended language regarding the appropriate definition of qualified actuary as states move to implement the Affordable Care Act’s rate review provision. (April 20, 2012)

This event will be held in conjunction with the Society of Actuaries Annual Meeting at Washington’s Gaylord National Resort Hotel & Convention Center. Stay tuned for more information. (April 20, 2012)

The Academy has published two guides to help voters better understand the long-term financial challenges facing Medicare and Social Security. Read what to ask candidates—and how to evaluate their answers—about proposals for reforming these programs. The guides are part of the Academy’s Campaign 2012 Toolkits. For more information on the release of the guides, click here.  (April 20, 2012)

Read about the exposure of ASOP Nos. 22 and 28 revisions; the exposure of the Risk Evaluation in Enterprise Risk Management draft; and the 2011 annual report. (April 18, 2012)

The Risk Management and Financial Reporting Council wrote a letter to the Department of Treasury urging that actuarial science be one of the specific considerations for members of the proposed Financial Research Advisory Committee that will support the work of the Office of Financial Research. (April 13, 2012)

The proposed ASOP provides guidance to actuaries when performing professional services with respect to risk evaluation systems, including designing, implementing, using, and reviewing those systems. Comments are due June 30, 2012. (April 03, 2012)

Read about the Academy’s recent activities in the latest edition of the Actuarial Update. (March 30, 2012)

Read about recent health care reform activities in the latest edition of HealthCheck. (March 28, 2012)

The Academy’s Social Security Committee published a guide to analyzing Social Security reform proposals. Visit the Campaign 2012 Toolkit page for more information. (March 27, 2012)

As the U.S. Supreme Court prepared to hear arguments on the issue of severability, the Academy reiterated its position that the guaranteed-issue and community-rating provisions should stand or fall with the individual mandate. (March 27, 2012)

The Academy Board of Directors adopted at its October 28, 2011, meeting a recommendation from the Council on Professionalism that all Academy members who are members of any Academy board, committee, subcommittee, work group, task force, etc. ("committee") annually must comply and attest to their compliance with the continuing education (CE) requirements of the U.S. Qualification Standards to serve as members of such committee. Please see link for more information. Click here to learn more.  (March 26, 2012)

The Medical Professional Liability Committee sent a letter to the leadership of the U.S. House of Representatives concerning H.R. 5, which would reform the medical professional liability system and repeal the Independent Payment Advisory Board. (March 23, 2012)